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ST. JOHN'S, July 16 /CNW/ - Rutter Inc. (TSX: RUT) Rutter wishes to
announce that it has concluded the sale of its 74% interest in Unicontrol
International Ltda. (Unicontrol) to the minority shareholders of that company.
The final agreement reflects a selling price of BRL$5,000,000
($3,131,000 CDN) paid on closing. This all cash payment concludes the sale and
eliminates future payments or contingency payments by the purchasers which
were contemplated in the previously announced agreement in principle in the
Company's press release dated April 7, 2008.
"We are pleased to have successfully concluded this sale to our former
partners in Brazil on an all cash basis, thereby eliminating any exchange risk
from the payments over time. We look forward to continuing to work with
Unicontrol in the future when opportunities arise," said Ryan Hinz, President
and CEO of Rutter. "Going forward, our Controls and Automation division will
focus on continued strengthening of its North American operations where our
Company is more diversified across industries and has a much wider customer
base."
About Rutter - Rutter Inc. has two business segments, Controls and
Automation and Technologies. Led by Rutter Hinz Inc., the Controls and
Automation segment is a vendor independent automation and control systems
engineering enterprise with offices in Canada and the United States. Rutter
Technologies Inc. is a global enterprise providing voyage data recorders,
enhanced radar solutions, marine certified interfaces, safety lights and other
custom integrated electronics systems. Rutter Technologies is also an
ISO 9001: 2000 manufacturer of electronics and electronic subassemblies for
clients in the marine, defense and telecommunications sectors. For more
information see www.rutter.ca.
Forward-Looking Statements:
This press release may contain forward-looking statements that involve
risks and uncertainties. These forward-looking statements reflect our current
expectations and are subject to a number of risks and uncertainties including,
but not limited to, change in technology and general market conditions. Due to
the many risks and uncertainties, Rutter Inc. cannot assure that
forward-looking statements that may be contained in this press release will be
realized.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
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